According to a study published by the
Pew Charitable Trust, roughly 80% of Americans now find themselves in debt.
This debt can be piled on in a plethora of ways. For example, the majority of
Americans own credit cards--and falling behind on payments can cause debt to
pile up surprisingly fast. Mortgages represent another form of debt that, for
the vast majority of working and middle class people, is going to be necessary
in order to own a home. Student loans, medical bills, and back taxes can also
pile up very quickly, and sometimes this can happen completely unexpectedly.
(For example when an unexpected illness forces a hospital stay, or when that
job you were planning on beginning upon graduation doesn’t pan out right away.)
The point is if you have found yourself in debt, you are not alone!
The truth is a healthy level of debt
can even be a good thing. Think back to the examples of mortgages and student
loans: both of these types of debts can actually enable people to attain dreams
such as owning a home or completing college that may have been out of reach
without outside funding. So debt in itself can be a valuable tool. (This is
precisely why credit is so important.) The problem, of course, is when debt
reaches a point where you are struggling to make payments.
Once this happens, getting out of debt can seem impossible--and
your financial life can become very discouraging. All of your disposable income
(and then some) may begin going toward making payments that you still struggle
to pay. Debt collectors may begin contacting you and your credit may become so
damaged that many financial options that were previously available to you (i.e.
getting a credit card, taking out a student loan, etc.) become infeasible. The
situation can begin to feel hopeless.
We’re here to tell you that hope is not lost. At Madison Monroe
and Associates, we have helped countless people reduce their debt by 40 to 60%--and
we can do the same for you. Visit us online
today to learn more. www.madisonandmonroe.com
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